United Bank CEO On The Bank’s Continued Expansion In Challenging Economic Times

For commercial real estate professionals searching for a loan, the process of choosing a bank goes far beyond simply googling “banks near me.” It's about finding a trusted partner with proven experience who can help CRE lenders get the capital they need to get deals done. 

This past St. Patrick’s Day, United Bank celebrated its 185th birthday. In the many decades since its founding, it has helped countless CRE borrowers purchase or refinance commercial properties, along with its personal banking and retirement services.

Today, United Bank is expanding, opening a 17.6K SF office in SouthPark in Charlotte, North Carolina, to serve as a central business hub for the D.C.-based bank's local operations.

“This new office represents the growth that we anticipate going forward in Charlotte,” United CEO Richard M. Adams, Jr. said. “Since we came to Charlotte in 2020, it's been one of our fastest-growing markets, and we've had a lot of success there. And we're very bullish about the future.”

The new office brings all of the company’s lines of business under one roof — “commercial banking, consumer banking, mortgage lending, private banking and wealth management, allowing it to provide its customers with all its services from one location,” Adams said. He added that it’s a beautiful building, making it a great branding opportunity for United, and that the company is very optimistic about the future of Charlotte and the Southeast in general. 

Adams said that despite the many challenges the banking industry has been facing, United saw a lot of success in 2023 and is experiencing a strong 2024 so far. 

“A lot of our competitors are pulling back when it comes to lending,” Adams said. “Meanwhile, we've continued to lend. Our capital position is strong, our markets are strong, and while we’re appropriately cautious about this year, we’re more optimistic than most.” 

United Bank also sees opportunities for growth through mergers and acquisitions, Adams said. The bank has done 33 acquisitions in its history, including two in the pandemic, while M&A deals remained virtually nonexistent in the rest of the banking industry over the last few years, he said. 

“With our capital, our currency, our reputation, our relationships, we think that we're one of the few banks that could actually do a deal in this environment,” he said. 

Adams said that high interest rates, bank failures and increased margin pressure have created challenges for the banking industry. In particular, while many people predicted that the start of 2024 would see some interest rate reductions, that has yet to manifest. Despite the issues, however, the banking industry remains resilient, Adams said. 

“Regardless of what happens to rates, regardless of what happens to the economy, the industry remains strong,” he said. 

Looking toward the future, Adams said there will be more consolidation in the banking industry as M&As rise, and further adoption of technology, beyond digitally depositing checks and online banking. 

“We saw the accelerated rise of digital banking with the pandemic,” Adams said. “Now, the focus is on how the industry can adopt AI in a positive way, and how we can best tackle cybersecurity.” 

Above all else, Adams said that he believes the banking industry will continue to flourish if United’s numbers are an indication. 

In 2023, United Bank was able to not only pay, but increase, its dividend to shareholders for the 50th consecutive year, making it what's called a “dividend king,” Adam said. 

“There are not many dividend kings out there,” he said. “In fact, there are less than 60 companies that have increased their dividend for 50 consecutive years. And I think that says a lot about the way we approach our business. We're very disciplined, very consistent and  resilient, and we will stay that way throughout any economic cycle.” 

This article was produced in collaboration between United Bank and Studio B. Bisnow news staff was not involved in the production of this content.

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